Saturday, October 01, 2011

Dual Economy

I have written before that if you wanna jump-start the economy, lower gasoline prices at the pump by a dollar a gallon... but nobody seems to understand that!

This week local gas prices in the Capital District were as low as $3.59 a gallon. Only 20 cents lower tha $3.79, but psychological stuff is going on here. If only those prices would fall!

Wall Street was rocked this week in more ways than one. Stocks closed out the market's biggest quarterly drop since the financial crisis in 2008 with a triple-digit dive in the Dow Jones Industrial Average. The Dow shed 240.60 points, or 2.2%, to 10913.38. The Standard & Poor's 500-stock index shed 28.98 points, or 2.5%, to 1131.42, putting the measure's quarterly loss at 14%. The Nasdaq Composite tumbled 65.36 points, or 2.6%, to 2415.40, for a 13% quarterly fall. The two indexes each also posted their worst quarterly drops since the fourth quarter of 2008. [detailed analysis]

More bad news ::: Home prices are unlikely to recover before 2020 and mortgage defaults will persist for years, says a survey of bank risk managers out Friday.

Haves vs. Have-Nots

While driving to work one day last week I was twirling the radio dial and landed on WCBS 880am where a presenter was mentioning that the US "now has a dual economy: those with jobs and those without."

That was the first time I ever heard our current economic situation described in that way, and it really got me thinking.

If you have a job, you're lucky. Whether you are the CEO at some big company or you're a security guard at the local gym. You are working. Now you have to figure out a way to budget, make ends meet, and live with some degree of comfort.

You may not have prosperity, but you have security, as long as you stay employed.

Finance ministers warned recently that "time is running out to find a solution to the eurozone crisis and prevent another global recession."

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